Morocco‘s treasury Reports Widening Budget Deficit in September
Rabat, Morocco – Morocco’s Treasury announced today a budget deficit of 50.5 billion dirhams at teh close of september 2025, a notable increase compared to the 26.6 billion dirham deficit recorded during the same period last year. The figures, released by the General Treasury of the Kingdom (TGR) in its Monthly Bulletin of Public Finance Statistics, reflect a complex interplay of increased revenue and expenditure.
The deficit calculation incorporates a negative balance of 2.8 billion dirhams stemming from the special Treasury accounts (CST) and autonomously managed state services (SEGMA). despite a strong performance in revenue collection, overall spending outpaced income.
Gross ordinary revenue reached 310.7 billion dirhams by the end of September, marking a 17.4% increase year-over-year. This growth was driven by gains across multiple tax categories: direct taxes rose by 25.1%, indirect taxes by 10.2%, customs duties by 4.2%, registration and stamp duties by 8.1%, and non-tax revenue by 23.4%.
However, ordinary expenditure also saw a substantial increase, climbing 18.9% to 280.2 billion dirhams, resulting in a positive ordinary balance of 30.5 billion dirhams. Total expenditures under the general budget reached 396 billion dirhams, a 9.1% increase from the previous year. This rise was fueled by a 19.8% jump in operating expenses and a 7.2% increase in investment expenses, partially offset by a 14.3% decrease in budgeted debt charges.
Interest payments on the national debt totaled 37.2 billion dirhams,up 13.2% overall. domestic debt interest charges increased by 20.4% to 29.8 billion dirhams, while external debt interest payments decreased by 8.8% to 7.4 billion dirhams.
Expenditure commitments, including those without prior approval, amounted to 620.1 billion dirhams, representing a 64% commitment rate, down from 67% at the end of September 2024. The issue rate on commitments improved to 88%, compared to 85% a year earlier.
Revenue for the Treasury’s special accounts reached 141.8 billion dirhams,including 21.5 billion dirhams from common investment charges from the general budget – a slight decrease from the 22.6 billion dirhams received in the prior year. Total expenditures from these accounts were 145.8 billion dirhams, including 4.5 billion dirhams allocated to reimbursements, tax reliefs, and refunds.
The autonomously managed state services (SEGMA) reported revenues of 2.36 billion dirhams, a 30% increase, and expenses of 1.16 billion dirhams, up 9.8%.
To cover a financing requirement of 71.7 billion dirhams, the Treasury secured 25.7 billion dirhams in external financing and relied on domestic financing for the remaining 46 billion dirhams.
